1. Field of the Invention
The present invention relates to a method, system, and machine readable program that may include a graphical user interface for assisting a user, such as a consumer. Particularly, the present invention is directed to an integrated system that can facilitate management of the financial, health, and other affairs of a consumer, as desired.
2. Description of Related Art
A variety of computer implemented systems including graphical user interfaces are known in the art for helping users, such as consumers, manage various aspects of their lives. For example, service providers, such as financial institutions that provide banking services, frequently provide online access to a user so that the user can view the balances of their accounts with the institution. Online access to personal information specific to institutions offering various services has been growing, and has started to become very common. For example, it is becoming more common for a user to access personal health related information online, such as from a website built by their health insurance provider. Indeed, many services have become available online.
While the availability of services online has initially presented many advantages to the user, it is not without its problems. For example, so many aspects of management of a user's affairs have gone online that it has become cumbersome and difficult for a user to keep track of user names and passwords for accounts for multiple bank accounts and brokerages, auto and health insurance accounts, tax accounts, online learning accounts, mortgages, credit cards, and the like. As can be seen, while online access has solved certain problems and created convenience, it has also created confusion and a highly segmented view of a consumer's state of affairs.
Moreover, with the internet boom, nearly every kind of information one can think of has become available online as well. For example, financial advice, health advice and legal advice, among myriad others, can all be found by a user online. As so much information is available, it is difficult for a user to find the correct information that they need, let alone determine which information is the most accurate and therefore useful to the user.
At the same time, new dynamics are reshaping the Wealth Management industry. Because of online access, potential customers for services have become more empowered than ever before. For example, over the past twenty years, retirement responsibilities have shifted largely from institutions to individuals. Indeed, nearly seventy percent of U.S. households now have two or more financial relationships that they manage. These financial relationships are managed through checking, savings, money market, retirement, 401k, stock and other accounts. Although the internet and online access have created some confusion as described above, the Internet has also provided unprecedented transparency to wealth management performance and shifted decision maker power to the end client.
Compounding the above, the “baby boomer” population is aging and starting to think about retirement. Nearly 76 million baby boomers account for one-third of the total US population. Two-thirds of baby boomers, or about 46 million people, will likely retire before 2013. As investors become more sophisticated, they require access to multi-asset class solutions, including fixed income and alternative investments. Baby boomers will drive more assets into the investable asset market, possibly thirty trillion dollars by 2010. The baby boomer generation will then move from “saving” to “income preservation,” requiring increased tax planning.
Self management for retirement and healthcare is becoming increasingly complex. As the population continues to age, there will be a shift to self-managed retirement plans. Most customers are now in defined contribution plans, as evidenced by the expanding 401K market which reached $1.6 trillion in assets in 2003. There has also been a shift to self-managed healthcare planning: Healthcare costs account for nearly 26% of all retirement funds. This percentage of funds will likely grow with increasing health care costs as time progresses.
As shown above, while there has been a shift to systems that can permit more convenient management of an individual's personal affairs online, the nature of what an individual needs to manage is growing increasingly complex. Moreover, while the availability of information that would be useful to such individuals has been growing, finding and distilling the information useful for an individual presents a problem. As such, there exists a strong and growing need for a system that can help an individual collect and manage myriad information relating to their affairs. The present invention provides a solution for these and other needs, as described herein.